{"id":176906,"date":"2024-05-31T02:22:00","date_gmt":"2024-05-31T06:22:00","guid":{"rendered":"https:\/\/timingthemarket.ca\/techtalk\/?p=176906"},"modified":"2024-05-31T09:04:08","modified_gmt":"2024-05-31T13:04:08","slug":"tech-talk-for-friday-may-31st-2024","status":"publish","type":"post","link":"https:\/\/timingthemarket.ca\/techtalk\/2024\/05\/31\/tech-talk-for-friday-may-31st-2024\/","title":{"rendered":"Tech Talk for Friday May 31st 2024"},"content":{"rendered":"

Pre-opening Comments for Friday May 31st<\/sup><\/strong><\/font><\/em><\/p>\n

U.S. equity index futures were higher this morning.<\/b> S&P 500 futures were up 9 points at 8:35 AM EDT<\/em><\/p>\n

S&P 500 futures added 10 points following release of the April core PCE Price Index at 8:30 AM EDT.<\/b> Consensus was an increase of 0.2% versus a gain of 0.3% in March. Actual was an increase of 0.2%.<\/em><\/p>\n

Trump Media and Technology<\/b> dropped $4.96 to $47.00 after former President Trump was found guilty.<\/em><\/p>\n

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Gap Stores<\/b> added $0.88 to $22.52 after reporting a first quarter profit. The company also raised guidance.<\/em><\/p>\n

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Nordstrom<\/b> dropped $1.23 to $19.80 after reporting a larger quarterly loss than consensus.<\/em><\/p>\n

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Dell<\/b> dropped $29.97 to $140.00 despite reporting higher than consensus quarterly revenues and earnings.<\/em><\/p>\n

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 <\/p>\n

EquityClock\u2019s Outlook for May 31st<\/sup><\/strong><\/font><\/em><\/p>\n

<\/em><\/b><\/p>\n

A highly abnormal rise of imports of goods into the US during the month of April has instantly put the trade deficit on an expansionary path, alleviating the concerns that this metric of international trade activity had been portraying previously.<\/em><\/b><\/p>\n

See: <\/em>https:\/\/equityclock.com\/2024\/05\/30\/stock-market-outlook-for-may-31-2024\/<\/em><\/a><\/p>\n

<\/em><\/p>\n

Technical Notes<\/strong><\/font><\/p>\n

S&P 100 and NASDAQ 100 stocks moving below support<\/b> extending intermediate downtrends included Adobe, Autodesk, Salesforce.com, Cognizant, Accenture, MongoDB, DexCom and Merck<\/p>\n

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Gasoline ETN<\/b> $UGA moved below $64.86 and $64.85 completing a Head & Shoulders pattern.<\/p>\n

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Soybean ETN<\/b> $SOYB moved below $25.41 setting an intermediate downtrend.<\/p>\n

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Commerce Bank<\/b> $CM.TO a TSX 60 stock moved above Cdn$68.86 extending an intermediate uptrend. Reported higher than consensus fiscal second quarter results.<\/p>\n

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CGI Group<\/b> $GIB.A.TO a TSX 60 stock moved below Cdn$135.00 and US$98.06.extending an intermediate downtrend.<\/p>\n

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 <\/p>\n

Trader\u2019s Corner<\/strong><\/font><\/p>\n

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Equity Indices and Related ETFs<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Equity Trends for May 30th<\/sup> 2024<\/p>\n

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Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

Source for all positive seasonality ratings: <\/em>www.EquityClock.com<\/em><\/a><\/p>\n

 <\/p>\n

Commodities<\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Commodities Trends for May 30th<\/sup> 2024<\/p>\n

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<\/b><\/p>\n

Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/em><\/p>\n

<\/em><\/p>\n

Sectors <\/strong><\/font><\/p>\n

Daily Seasonal\/Technical Sector Trends for May 30th<\/sup> 2024<\/p>\n

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Green: Increase from previous day<\/font><\/em><\/p>\n

Red: Decrease from previous day<\/font><\/em><\/p>\n

<\/font><\/p>\n

Links offered by valued providers<\/strong><\/font><\/p>\n

Failed Bearish Patterns Are Bullish for S&P 500! David Keller and Frank Cappelleri<\/b><\/p>\n

Failed Bearish Patterns Are Bullish for S&P 500! \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Bond market is ‘in the driver seat’ for the equity market right now, says Schwab’s Liz Ann Sonders<\/b><\/p>\n

Bond market is ‘in the driver seat’ for the equity market right now, says Schwab’s Liz Ann Sonders \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Wall Street is Selling, Is the End of the Bull Market? Tom Bowley<\/b><\/p>\n

Wall Street is Selling, Is the End of the Bull Market? \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

Carter Looks At The S&P 500 + Dell & Costco Earnings Preview: Dan Nathan, Guy Adami and Carter Worth<\/b><\/p>\n

Carter Looks At The S&P 500 + Dell & Costco Earnings Preview \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

BoC expected to cut rates at next week’s meeting<\/b><\/p>\n

BoC expected to cut rates at next week’s meeting \u2013 YouTube<\/a><\/p>\n

 <\/p>\n

S&P 500 Momentum Barometers<\/strong><\/font><\/p>\n

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The intermediate term Barometer added 4.60 to 42.00. It changed from Oversold to Neutral on a move above 40.00.<\/p>\n

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The long term Barometer added 1.20 to 67.60. It remains Overbought.<\/p>\n

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TSX Momentum Barometers<\/strong><\/font><\/p>\n

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The intermediate term Barometer added 4.04 to 53.36. It remains Neutral.<\/p>\n

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The long term Barometer added 0.46 to 64.13. It remains Overbought.<\/p>\n

 <\/p>\n

Disclaimer:<\/b> Seasonality ratings and technical ratings offered in this report and at<\/em><\/p>\n

www.equityclock.com<\/em><\/a> are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-opening Comments for Friday May 31st U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points at 8:35 AM EDT S&P 500 futures added 10 points following release of the April core PCE Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 0.3% […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-176906","post","type-post","status-publish","format-standard","hentry","category-reports"],"_links":{"self":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/comments?post=176906"}],"version-history":[{"count":2,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176906\/revisions"}],"predecessor-version":[{"id":176916,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/posts\/176906\/revisions\/176916"}],"wp:attachment":[{"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/media?parent=176906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/categories?post=176906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timingthemarket.ca\/techtalk\/wp-json\/wp\/v2\/tags?post=176906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}